All Forum Posts by: Peter Seely

Hi All,

I am a new investor who will purchase his first US property as a rental and I am wondering if I should open an LLC or would purchasing adequate insurance and an Umbrella policy do the trick to protect me.

If I choose the insurance route and later purhase another rental or two and THAN want to open an LLC, is it possible to put the properties purchased individually into the LLC after the fact?

Thanks

Peter

Hi,

When working with a wholesaler is it normal to sign a:

Confidentiality agreement

IRREVOCABLE AND NON-CANCELABLE
NON-CIRCUMVENT AND NON-DISCLOSURE AGREEMENT

I am not sure if I should or not?

Thanks

Peter

Hi Alex,

Thanks, I thought of this option also. I have an email to my accountant so I will see what he suggests.

I think personally keeping the home and just purchasing the appropriate liability insurance would be the better option since this would be our first property and we are residents of Bermuda, an offshore jurisdiction.

Peter

Hi,

I am in the process of purchasing property in Atlanta and I am an out of country investor. I am purchasing a rental investment SFH. I have 3 questions:

1) How do I acquire a US tax ID as an individual ?

2) For only one SFH in which I will rent do you recommend an LLC or safe to keep in individual name? What exactly is my liability as an owner? Might be a long list...

3) Can I use my online brokerage account as my account to send rent payments and wire money to Property manager? It is the Bank of Omaha that is used throuh them.

Thanks
Peter

Hi Ken,

I am an out of country investor very interested in Atlanta. After alot of research I have finally narrowed my search to Atlanta for the reasons you stated and more(ruled out FL, NV, TN, AZ) and booked my tickets tonight to come down in July to check things out.
Prior I would at least like to get an offer out there so when I come over to Atlanta I can inspect the property with an inspector, meet some property managers, and a contractor or two. If you can recommend any please shoot me an email, any help would be appreciated. Also any advice on decent realtors who get the deals(REO's). I am interested in a buy and hold rental for now.

Now I need to narrow down the better locations within Atlanta, within my budget. This is the hard part. So far I like Marietta, Buckhead, Alpharietta, and College Park. I prefer SFH/townhomes.

Thanks for the information on this thread, encouraging words for sure and interesting perspective on CA.

Peter

Hi Michael,

Great advice.

I would likely fly in to meet the team, a property manager and a contracter prior to close.

I am interested in a SFH or townhome in Florida, Nevada, or Georgia for a rental and buy and hold strategy. I was looking in Cape Coral, Fort Myers, Hollywood etc. My budget is below $50000 and I am hoping to achieve the 2% rule.

Thanks

Thanks Todd,

Great point and advice. I will keep searching for a more helpful and willing agent. I personally didn't appreciate the way she went about that.
I will check here and Google.
Thanks again
Peter

Hi,
Ophelia, thanks for the info, they were going to charge for that form and it said they don't provide it unless under contract. So I assume once I am under contract I can get this form with the appropriate information(CRM).

George, my budget isn't very high so I just assumed she couldnt be bothered dealing with me due to this. I have since emailed saying the onsite condo association needs her to call as my agent. I haven't heard from her since. She is with a higher end agency so they are probably not used to us little guys. lol

I am in Bermuda and don't plan on living in the states as I am Canadian.I do plan on coming to inspect the property myself. I do want to get in the US market in the next few months for rental yield and a buy and hold strategy.

Thanks again
Peter

Hi,

I just want to start by thanking all the regulars, you have provided some great information and encouragement.

My situation is I am out of country investor interested in investing in Nevada, Florida, or Texas. I am interested in SFH but would consider condos as long as HOA, Vacancy rates etc all check out.

I would for sure get a property inspection, Property manager and possibly a lawyer. Any other tips here as far as where I can search for some of this information myself as far as past sales, title, previous liens any Websites...I found citydata and love it.

Now my question: I found a condo I was interested in located in Vegas within my price range, my agent told me to call using the MLS sheet the onsite management to get the information such as units vacant, owner occupied etc..they however refused to provide me with this and said only owners get this.

How and will I get access to this information before I put money down. I don't want to buy a condo until I know the financials/reserve, vacant unit, and owner occupied units.

Thanks
Peter

Hi Matt,

Thanks for your perspective. That is my worry, if I can find something well below ARV it might be worth it but otherwise propbably not. There seems to be alot on the market there in my price range, I can't imagine price dropping much lower then some fo these foreclosures.
Peter